Monday morning news brief, May 14

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May 14, 2018

Monday morning brief

May 14 2018

Good morning!

Here’s everything you need to know to start your day…

The government is finalising a Rs 15,000-crore plan for domestic production of ammunition.The new plan aims to get the Indian industry to manufacture ammunition for infantry weapons like under-barrel grenade launchers and automatic grenade launchers, 122mm Grad rockets, electronic fuzes and bi-modular charge systems for the artillery, and 30mm high-explosive incendiary ammunition for BMP-II infantry combat vehicles. This has come as a big relief for the armed forces, which continue to maintain high operational readiness along borders with Pakistan and China. Read more

The Isro chief has said that all tests on the heaviest communication satellite, Gsat-11, will be over by May 17.Talking to TOI, Isro chairman K Sivan said, “We are currently doing tests on Gsat-11 at our Bengaluru’s ISRO Satellite Centre. All tests, including test on its electrical circuits, are going to be over by May 17.” The satellite weighs over 5.7 tonne and was recalled from European spaceport to look for any ‘potential anomalies’.

The Central Bureau of Investigation (CBI) is all set to charge Punjab National Bank’s (PNB) ex-MD in Nirav Modi scam today.The CBI will submit a chargesheetagainst Allahabad Bank CEO & MD Usha Ananthasubramanian and several others on Monday in the over Rs 13,000 crore PNB scam allegedly perpetrated by businessman Nirav Modi. Ananthasubramanian was the MD and CEO of PNB in 2016. So far, 19 people have collectively been arrested in the case Modi and Choksi are absconding. All of them will be named in the chargesheet.

Pakistan’s National Security Committee will meet to discuss Nawaz Sharif’s 26/11 admission.Sharif’s remarks have sparked a debate in Pakistan with his opponents criticising him for toeing the Indian line while many praised him on social media for having the courage to speak the truth. Sharif had admitted publicly on Friday that Pakistani terrorists were involved in the 26/11 attacks and questioned why Ajmal Kasab and nine others were allowed to cross the border to carry out the carnage in Mumbai in 2008. He added that support for non-state actors led to Pakistan’s global isolation.

High sales of fast food are showing that the GST and demonetisation woes are fading.Westlife Development, master franchisee of McDonald’s in west and south India, on Friday said it has achieved its highest ever annual revenues of Rs 1,100 crore – 22 per cent growth year on year. Jubilant Foodworks, which operates pizza chain Domino’s in India, reported SSG of 26.5 per cent in the fourth quarter of FY18, compared with 7.5 per cent in the year-ago period. After a lull that spanned more than a year, quick service restaurants are reporting record-breaking numbers.